SINGAPORE (Reuters) - Singapore’s industrial production in February expanded slightly on a year-on-year basis and beat expectations, helped by growth in biomedical manufacturing, data showed on Tuesday.
Manufacturing output in February rose 0.7 percent from a year earlier, according to data from the Singapore Economic Development Board. The median forecast in a Reuters survey was for output to be flat.
On a month-on-month and seasonally adjusted basis, industrial production fell 4.1 percent in February, versus the poll’s median forecast for a 2 percent contraction.
In January, Singapore’s manufacturing output fell a revised 0.4 percent from the year earlier and rose a revised 3.1 percent on a month-on-month, seasonally adjusted basis.
Electronics production in February fell 1.1 percent from a year earlier, while biomedical manufacturing output increased 13.3 percent.
Data on Monday showed Singapore’s core inflation rate eased to a nine-month low in February, reinforcing expectations that the central bank will keep monetary policy unchanged when it meets next month.
Reporting by Aradhana Aravindan; Editing by Gopakumar Warrier